#bitcoin #bitcoinbeginner American Association Of Retired Persons Falsely Tells Readers Bitcoin Is Mainly Used By Criminals And Speculators

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The American Association of Retired Persons (AARP) is of the view that Bitcoin is mostly used by criminals. This was contained in a worded article that was published on its official website on Wednesday, October 10.

Bitcoin is for criminals, idealists, and speculators

The AARP reignited the clash of generations over the subject of Bitcoin and cryptocurrencies by defining Bitcoin and blockchain in a casually dismissive way.

The body published a glossary of Wall Street buzzwords with the aim of helping the seniors understand the words used by high-finance big shots.

In the article, the group defined Bitcoin as:

“[A] bunch of computer code that a bunch of criminals, idealists and spectators agree is worth real money.”

They added that the value of Bitcoin is volatile, which makes it difficult to use except by criminal groups, idealists, and traders. This argument doesn’t hold well because criminals, like ‘normal’ people, need money to function the same way. Further, the American Dollar remains by far the most popular form of money for criminal and terrorist financing.

The AARP author gave two definitions for blockchain. AARP first defined blockchain as a series of computer software that contains a tamper-proof record of a series of transactions, with the most famous one being the Bitcoin blockchain.

Secondly, AARP believes that blockchain is a word that is now uttered by companies who are looking to attract the attention of investors and their funds.

The definitions of both Bitcoin and blockchain are dismissive and inaccurate and considering the goals of the AARP, it is highly questionable that these definitions have helped their magazine readers at all.

The claim made in the AARP glossary echoes what Jamie Damon, the CEO of JPMorgan, has been saying, that Bitcoin is a fraud. Damon is a long-term skeptic of Bitcoin as he believes only the less intelligent take Bitcoin seriously. Ironically, his firm is moving quickly into entering the space.

As an important publication with authority, up to 38 million of its users may have the wrong impression about Bitcoin and blockchain technology. Articles like this will lead to misinformation, further ignorance, and misunderstanding of the potential of such technologies.

Generational difference concerning cryptocurrencies

Circle Financial, in a survey conducted last month, revealed that 25 percent of millennials have expressed interest in purchasing crypto over the next 12 months. For the elderly, only a few have interest in cryptocurrencies and investing in them, according to the same survey.

The younger generation will be the main driving force behind Bitcoin going mainstream and attaining global adoption but nonetheless, elders are an important part of global capital markets, having significantly more savings than the youth.

Articles such as this by the AARP and views by the likes of Jamie Damon will continue to do harm to Bitcoin in the short-term but will not matter in the long-term as the benefits of the technology prevail.

We hope that the AARP’s authors will cover the subject in a better light, with better facts instead of spreading false propaganda to the elderly who don’t know better, especially when it comes to new technologies.